2 MILLENNIALS EXPLAIN THEIR RULES TO AVOID TEMPTATION AND SAVE MONEY DURING 'NO-SPEND JANUARY' (2024)

  • Libby Brooks and Ashlee White are both trying a "no-spend January" challenge.
  • For this challenge that involves reducing spending, White suggested sticking to realistic rules.

Libby Brooks, 27, recalled not feeling like cooking while stopping at a pharmacy one recent night.

And there was a Qdoba nearby, she said.

"I was really tempted to just, on my way home, grab some food," Brooks told Business Insider. "I don't have to cook at home. I can save some time."

But she resisted the siren song of fast-casual Mexican takeout. She found stuff to eat at home instead because "no takeout" was one of a few rules she's made for a "no-spend January" challenge.

"I think that's a perfect example of some instance where convenience totally could have taken over in a regular month where I might not be so attentive to these rules," Brooks said.

Brooks and others are trying to do a no- or low-spend January, where people set rules to reduce their spending or purchases this month. People like Brooks are sharing how they're spending less money in January on TikTok.

"I've just noticed a lot of people are kind of sick and tired of having a lot of stuff," Brooks said. "Challenges like this can help limit the amount of consumption that you're doing on a monthly, a weekly, a daily basis."

Ashlee White, 29, is trying the challenge for the first time and sharing how it's going on her TikTok. She said she had tried something similar back in August, but she said that didn't go too well as she stopped after a few days.

White said the January challenge is going well. She credits making sure there are small but still fun things to look forward to, like eating out once a week or a drink from Sonic, as part of her success so far.

"I think not cutting out all 'fun' spending is what is making it go better for me this time and can be something I'm realistically able to implement into my spending habits moving forward," White said.

While it's already a few weeks into January, people can still work on cutting back spending later in the year.

"You can do 'no spend for 30 days' and just see the effects that has on your bank account or on your spending habits," White said.

The following are tips from Brooks and White for others who want to try the challenge.

Identify spending areas ahead of time

Brooks said people should figure out the kinds of areas they spend the most on before trying out the challenge to help figure out what personal rules they should establish.

"Clothes and eating out are two" main categories she spends on, Brooks said, "but for someone else that might not be a thing that they care to spend their money on at all."

Brooks noted accountability is important for this challenge. People can do this by telling friends and family about their plans to spend less. That may prevent them from asking "you to go do expensive activities if they know upfront that you're trying to do this challenge," Brooks said.

Taking a video each day about the challenge can also help with accountability. Brooks said this "probably is a product of the fact that I do post on social media, but I would say anyone can do this even if they don't do anything with the video."

The rules should not be unreasonable

The rules White made for January were realistic for her life, she said.

Her rules include eating out once a week, one beverage from Sonic a week, and "absolutely no spending money on any clothes because that's my biggest overconsumption area." She set another rule about being able to buy makeup she may need for her work as a hair and makeup artist.

White advises others to keep their rules for the challenge realistic and to not completely take out something that's part of their daily routine. For instance, White said maybe you can make a rule about cutting down on getting coffee but not giving it up completely. Making coffee at home is one rule White made.

"I thought that the 'no coffee outside the house' was going to be my biggest issue," White said. "It's been the easiest part because I just make sure that when I leave the house, I still have a drink with me and then when I'm out I'm like, 'oh, I don't need to stop and get anything; I have something.'"

Brooks has made spending rules too.

"I try to cut out any unnecessary spending," Brooks said. "To me, that's buying new clothes, going out to get fast food or just getting a quick meal rather than just making food at home, doing any sort of unnecessary entertainment or expensive entertainment like buying concert tickets."

Find a way to keep track of progress, such as a calendar

Brooks keeps a January calendar on the back of her home office's door. She's been shading in how progress is going for this year's January challenge.

"Especially for money challenges, I personally find that I'm most successful when I try to turn it into a game," Brooks said.

Brooks doesn't just shade in the day but also notes at the bottom of the sheet the stuff she thought about purchasing. She also has listed out the rules for the challenge on the calendar.

If you see something you want to buy during the challenge, write it down and wait

White said her main advice is to make use of your notes app and write down things you are thinking about buying.

"Then let it sit there for a few days," White said. "Don't automatically just purchase something because more than likely in a few days you're going to lose complete interest in what you were about to spend money on."

White plans to continue this strategy after the challenge ends.

"I think that definitely I will be way more thoughtful about all my purchases, especially the ones that I have put no thought into prior to purchasing them," White said. "I think it's going to completely change the way I spend money."

Think about steps you can do to not break a rule

People who want to try the challenge might have to head to the office like Brooks, who works a corporate job. Making your own lunch can be a big help in cutting spending.

"What I've been trying to do to set myself up for success for this challenge is I wash an apple the night before and I lay it out on a cutting board with a knife and put a plastic bag right next to it," Brooks said. "I'm not necessarily prepping my whole lunch, but I've already done the first step to get me started."

She will also prep her coffee — where everything is set up in the coffee maker so that she just has to click a button.

Are you trying this January challenge or have you found ways to reduce your spending and build your savings? Reach out to this reporter to share, at [emailprotected].

2 MILLENNIALS EXPLAIN THEIR RULES TO AVOID TEMPTATION AND SAVE MONEY DURING 'NO-SPEND JANUARY' (2024)

FAQs

What is the January save money challenge? ›

There's a new challenge called "No Spend January." The challenge is where you only spend money on essentials for the whole month. That means you pay for things like housing, groceries and gas, but cut out on that latte or eating out. The goal is to focus on what you really need.

What is the no spend January trend? ›

The “no-spend” challenge has been around for years but gained new life in 2024, thanks to TikTok and No Spend January at the beginning of the year. Participants are encouraged to go on a spending “fast” by abstaining from buying anything but the barest essentials.

What are the money habits of Millennials? ›

Millennials' money habits, whether saving or spending, are inextricably linked to the world around them. They may have a reputation for being reckless spenders, but in actuality, millennials are actively saving for emergencies and retirement.

What are the rules for the no-spend month? ›

For the no-spend challenge, you pay for essentials only for a set period of time. Thirty days is pretty common, so you might hear it called a no-spend month too. Basically you're covering your Four Walls (food, utilities, shelter and transportation) and other necessities, but you're saying no to all the extras.

What is the no-spend year rule? ›

How 'no-spend January' works
  • Rule 1: No coffee shops.
  • Rule 2: No online shopping.
  • Rule 3: No entertainment.
  • Rule 4: No eating out.
  • Rule 5: No buying clothes.
Dec 19, 2023

What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

What is the $100 envelope challenge? ›

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

What are the no spend February rules? ›

The rules were tweaked here and there, depending on what was going on in our lives, but for the most part, we tried our best to avoid any unnecessary spending for the month of February. No dinners out, no coffee shops, no shopping trips. We'd set a saving goal for ourselves and try to hit it in those 28 days.

What are the rules for no spend February 2024? ›

Ideally, you'd want to go the entire month without spending anything extra. You can have exclusions for groceries, bills, and gas, but that's it. We're already technically cheating because February is a shorter month than most, but you know what? That makes it the PERFECT time to attempt something like this.

What are the benefits of no spend days? ›

The temporary exercise can help you prioritize your finances and figure out the most important parts of your budget and what you can live without. By taking a break from your normal financial programming, you get a chance to identify some of your less healthy money habits and hit reset.

Top Articles
Latest Posts
Article information

Author: Moshe Kshlerin

Last Updated:

Views: 5364

Rating: 4.7 / 5 (77 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Moshe Kshlerin

Birthday: 1994-01-25

Address: Suite 609 315 Lupita Unions, Ronnieburgh, MI 62697

Phone: +2424755286529

Job: District Education Designer

Hobby: Yoga, Gunsmithing, Singing, 3D printing, Nordic skating, Soapmaking, Juggling

Introduction: My name is Moshe Kshlerin, I am a gleaming, attractive, outstanding, pleasant, delightful, outstanding, famous person who loves writing and wants to share my knowledge and understanding with you.